The Equipment Leasing Q

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In case you haven’t heard, today is National Gourmet Coffee Day! We wanted to celebrate not only by sipping on our coffees, but also by taking inventory all of the equipment that goes into your favorite coffee shop’s latte. Whether you prefer vanilla, peppermint or pumpkin spice, all lattes require specific equipment to create the perfect end result.

Coffee1Coffee shops must have an espresso machine, a refrigerator for milk and a milk steamer to froth the latte. In addition, each store needs shelving for coffee cups and grounds, and point of sale (POS) equipment to create and sell the perfect latte. Multiply that by the number of stores across your favorite coffee shop chain, and that’s a lot of equipment #BehindYourBusiness.

Be sure to make a trip (or two) to your favorite local coffee shop today, and if you’re a coffee shop owner, give us a ring. No matter how you celebrate, happy #NationalGourmetCoffeeDay!

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PatName:  

Pat O’Connor

Title:

Director Business Development (F&B, Franchise & Cannabis)  

Where are you from, originally?

Mattapoisett, MA

How did you find LeaseQ?

I was online looking for interviews and fell in love with the LeaseQ concept and business model. LeaseQ seemed like a great place to make a career and position yourself as a key part of a company’s growth, especially during its early stages. My background is in financial planning and working with business owners, so the transition was pretty easy.

What do you like most about working at LeaseQ?

I like that LeaseQ is a startup company disrupting the marketplace with a very fast-paced work environment. Combining technology and finance to streamline processes in an outdated industry is exciting, and I enjoy the challenge to beat the market and position ourselves as the leaders in equipment finance automation and solutions. Every day is different, with a new project or challenge to overcome, which makes the work week engaging, quick and enjoyable.

Any favorite lender/borrower stories worth sharing?

CutThroat Kitchen winner Jared Forman and NFS Leasing. Helping Jared open his first location in Worcester, MA after winning Food Network’s Cutthroat Kitchen show was incredible. We were able to make his dream of owning a restaurant come true, while navigating and solving concerns about credit and financials.Jared Forman headshot

The most rewarding part of working at LeaseQ is finding equipment financing for customers like Jared, Woops! franchisee Jourdain Ferguson or Crystal Schoggin of Mom’s Kozy Kitchen, who are starting their own business for the first time. They are forever thankful that LeaseQ was able to provide them with financing options to open their businesses and assist in achieving their lifelong dreams.

What’s your dream deal for LeaseQ?

I have a few…

  • To become a wildly successful company and go public in the next five years
  • To partner with Fortune 1000 companies as their primary finance and lender resource
  • To partner with Taffer Consulting or a TV show as their finance division, and gain market share and marketing through our strategic partners

What apps/tech/tools do you use on a daily basis?  

The LeaseQ platform/dashboard and its underwriting engine to pre-qualify customers with a number of lenders. Salesforce to keep track of daily activities and cases that we are working on. Financial calculators to help customers understand the true terms and conditions of their contracts.

Any (other) work or life hacks you’d like to share?

KISS – Keep It Simple Stupid! Also, embrace challenges and accept failure to grow as a professional.

Favorite movie ever (independent of IMDB ratings):

The Usual Suspects

Favorite activities when you’re outside the office?

Golf, Poker, Sports, BBQ/Throwing parties with friends/family

Fill in the Blank: I’d love to see my coworker __David Trost__ answer these questions.

 

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BURLINGTON, Mass. (Jan. 4, 2016)LeaseQ, an online marketplace connecting business owners, equipment sellers, and lenders to make selling and financing equipment fast and easy, today welcomes John Caruso as vice president, funding operations. With more than 35 years of experience in financial services, Caruso will develop LeaseQ’s funding team and expand its network of lenders in the Americas and abroad to serve credit profiles A through D across a number of vertical markets.

“John has decades of experience with multi-million dollar deals on an international scale,” said Vernon Tirey, founder and CEO at LeaseQ. “His knowledge and mentorship will help us build out the operations infrastructure and funding team to handle transactions of any complexity, and reach our next stage of growth.”

john-caruso-headshotPrior to LeaseQ, Caruso was a senior director at EMC Corporation, managing an active $4.5 billion financing portfolio and global lending relationships. Before EMC, Caruso served 14 years as vice president, senior credit officer at Fleet Bank (now Bank of America), where he led both new business development of lending relationships and inside operations. He has extensive experience in program development and implementation, credit analysis, collection management, complex deal structuring, funding and new business development.

Caruso’s hire supports LeaseQ’s rapid growth. Last month, LeaseQ acquired Noesis, the leader in commercial building equipment financing, and plans to expand into several other equipment verticals.

 

About John Caruso

John is Vice President, Funding Operations at LeaseQ. With more than 35 years of experience in financial services, he is responsible for developing LeaseQ’s funding team, and expanding the network of lenders on the LeaseQ platform in the Americas and abroad to serve credit profiles A through D, across a number of vertical markets. Prior to LeaseQ, John was a senior director at EMC Corporation, managing an active $4.5 billion financing portfolio and global lending relationships. He also has extensive experience in program development and implementation, credit analysis, collection management, complex deal structuring, funding and new business development.

About LeaseQ

LeaseQ is an online marketplace that connects businesses, equipment sellers, and equipment finance companies to make selling and financing equipment fast and easy. The LeaseQ platform is a free, cloud-based SaaS solution with a suite of on-demand software and data solutions for the equipment leasing industry. LeaseQ provides business process optimization (BPO) and information services that streamline the purchase and financing of business equipment across a broad array of vertical industry segments. Learn more at www.leaseq.com.

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LeaseQ is a member of several key industry organizations. We keep a close eye on the Equipment Leasing and Finance Foundation due to their relevant reports and findings on opportunities and trends in equipment finance. We’re excited to share their recent infographic on the size of the US equipment finance market.

screen-shot-2016-12-16-at-10-03-03-am

To read more and view the infographic on the Equipment Leasing and Finance Foundation’s site please visit: http://www.leasefoundation.org/research/sefi/infographic.cfm

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This fall, our VP Cory Damm’s was featured in an article by the leading source of news and information about the restaurant industry, QSR magazine.

The article titled, “Equipped to Succeed,” discusses the importance of quality equipment for the success and longevity of a restaurant. Cory provides tangible advice on restaurant equipment and details stories of prosperous restaurants he has worked alongside.

One anecdote from Cory in the article is:

For a full equipment package, new restaurant operators can expect to pay an average of $200,000–$400,000, Damm says. A kiosk may run about $50,000, while a full standalone burger restaurant could be as much as $500,000. Within those numbers, the costs for individual appliances can vary widely, from a few thousand dollars to $100,000.

The numbers are big, but Damm says operators shouldn’t think twice about making the necessary investment. He shares the story of a restaurateur who opted to save some cash on a smaller fryer, and then, when he was able to upgrade, had to rehab 60 percent of his kitchen to fit the right-sized fryer in. “Don’t let your cash constraints limit you from success,” Damm says. “Ask yourself: What do I need to get the job done the right way and plan for success, not mediocrity?”

To read the full article, please visit: https://www.qsrmagazine.com/finance/equipped-succeed

 

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With the holiday season officially upon us, we have found ourselves thinking about our favorite seasonal treats. One in particular stands out – fruitcake. This quintessential treat is timeless and has been a staple of holiday feasting for as long as any of us can recall.

christmas-stollen-1084954_1920What goes into a fruitcake? By that we mean, what equipment must bakers have in order to bake this dessert correctly? Commercial bakers with fruitcake on the menu must have a mixer, an oven, a refrigerator, large mixing bowls and ample shelving to store the finished treats.

Without the necessary equipment, fruitcakes would cease to exist! Next time you’re enjoying a piece of fruitcake at a holiday gathering, don’t forget to think about the behind-the-scenes role plays in bringing that treat to tables year after year.

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Deal supports growth, improved service to the three-party equipment finance industry

BOSTON (Nov. 16, 2016)LeaseQ, an online marketplace connecting business owners, equipment sellers, and lenders to make selling and financing equipment fast and easy, today announced the acquisition of Noesis, the leader in commercial building equipment financing, based in Austin, Texas. Noesis, now a business unit of LeaseQ, will serve as LeaseQ’s Austin presence.

“To succeed in a vertical market, you need deep industry expertise, and we’ve found that in Noesis,” said Vernon Tirey, co-founder and CEO of LeaseQ. “By acquiring the leader in building equipment financing, we are able to better serve building equipment manufacturers, distributors, contractors and their customers. Noesis has also developed powerful proprietary sales tools that helps equipment sellers articulate the value and benefits of purchasing new equipment, and LeaseQ can leverage those tools across other equipment vertical market categories to grow combined business more rapidly and efficiently.”

Noesis is the premier source for financing commercial building equipment, like LED lighting, HVAC systems, commercial refrigeration and building controls. With deep expertise in commercial building and energy equipment, Noesis brings a strong, unique set of equipment sellers to the LeaseQ platform, including leading manufacturers of energy efficiency equipment, and mechanical service and LED lighting companies. LeaseQ’s robust network of more than 300 lenders, instant quotes and real-time credit approval will enhance the Noesis customer experience with higher approval rates, lower interest rates and improved deal close rates.

“LeaseQ is a company with strong financial backing that brings scale and resources to our vertical market,” said Scott Harmon, CEO of Noesis. “We share the same vision to revolutionize the equipment finance industry one vertical at a time. Joining LeaseQ allows us to take advantage of the groundbreaking work that Vernon and his team have done, and to leverage those innovations in our vertical.”

Current Noesis customers will experience no changes to Noesis software, services or account managers, but will receive access to additional LeaseQ features over time. LeaseQ plans to expand both its sales and funding teams to support the companies’ combined growth, and to maintain Noesis’ Austin office to expand on the strong presence the team has created.

Vernon Tirey, co-founder and CEO of LeaseQ, will serve as CEO of the combined businesses. Scott Harmon, founder and CEO of Noesis, will assume a position as strategic advisor.

About LeaseQ

LeaseQ is an online marketplace that connects businesses, equipment sellers, and equipment finance companies to make selling and financing equipment fast and easy. The LeaseQ platform is a free, cloud-based SaaS solution with a suite of on-demand software and data solutions for the equipment leasing industry. LeaseQ provides business process optimization (BPO) and information services that streamline the purchase and financing of business equipment across a broad array of vertical industry segments. Learn more at www.leaseq.com.

About Noesis

Noesis, a LeaseQ company, is the leading tech-enabled equipment leasing marketplace for financing energy-saving commercial building improvements. Noesis’ innovative payment plans are designed for building equipment replacements and energy efficiency upgrades and are supported with a streamlined online application process that matches building owners to a lender in Noesis’ syndicate of leading equipment leasing companies. This process results in a quick application and funding process, high approval rates, and competitive rates and terms. Started in 2011, Noesis is used by over 200 commercial HVAC, lighting, and controls companies who collectively sell billions of dollars in equipment annually. For more information, please visit www.noesis.com.

# # #

MEDIA CONTACT: McKenzie Mayer

Matter Communications | 617.391.9896

leaseq@matternow.com

 

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Recently, our VP Cory Damm provided valuable advice on equipment financing for franchisees and restaurant owners on premier restaurant industry news site, Fast Casual.

The feature outlines the high price of equipment, and suggests leasing and financing as smart, cost-effective and savvy alternatives to purchasing outright. Two pieces of advice Cory offers for those considering these alternatives are:

1) High-dollar, short-life equipment might be a better deal when leased

The ice machine is broken … again, right? Maybe it’s trying to tell you something. According to Damm, items with notoriously short life spans, like ice machines, can be good candidates for leasing since they often come with maintenance contracts that will sub a machine if one of yours goes down.

In fact, Damm said that the three main types of equipment restaurant chains most frequently lease from LeaseQ involve lots of technical maintenance or know-how (e.g., some point-of-sale systems), or heavy maintenance to ensure safe and accurate operation (e.g., refrigeration and ware-washing).

“All of these machines typically need constant maintenance and/or replacement on 5-year cycles, which make them natural assets for acquisition by lease,” he said.

2) Enter a lease with eyes wide open

Know what services are provided by your leasing arrangement, how often they are rendered and by whom. For instance, if the item you’re leasing requires constant recalibration, cleaning, refilling or other upkeep, make sure that your lease clearly delineates exactly what is provided, how often and by what kind of professional. It could make the difference between a deal and a dead, or even deadly, end.

To read the rest of Cory’s advice, please visit: http://www.fastcasual.com/articles/working-story-to-lease-or-not-to-lease-if-that-is-the-question-part-1/

 

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When it comes to moving, we can all agree that the process is a bit of a hassle. Residential and commercial moves require heavy amounts of manual labor and in some cases significant miles of travel, so moving companies are a necessity.

Starting a moving company is no simple feat. A multitude of decisions must be made in regard to the type of moving your company will perform, how far you will travel and how much you can move. The company must secure trucks, shelving equipment and hauling equipment, such as pads, dollies, etc.

moving-truck

Deciding on trucks is one of the most important choices a moving company will make. They must determine if they will have one type of truck or multiple sized trucks, how many and which vendor to purchase them from. In an industry with over 4,400 individual dealerships, that decision becomes even more daunting.

We recognized this opportunity and set out to create the first automated equipment leasing and finance platform for the commercial truck industry, TruckQ. With this platform, companies of all sorts can find the specific type of truck they need, with financing options that fit their unique needs and capabilities. We break down the multitude of dealer options in the industry and provide companies with only the ones that provide the trucks they require.

For moving companies, trucks are the most important piece of equipment, but finding the right fleet shouldn’t weigh down the operation! For more information on TruckQ, please visit: https://www.leaseq.com/truckq

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TruckQ automates F&I for commercial truck dealers and offers instant quotes for borrowers

BURLINGTON, Mass. (Oct. 24, 2016)LeaseQ, an online marketplace connecting business owners, equipment sellers, and lenders to make selling and financing equipment fast and easy, today launched TruckQ, the first automated equipment leasing and finance platform for the commercial truck industry. TruckQ is designed to automate the financing and insurance (F&I) desk at commercial truck dealerships, and ease the borrower experience with multiple lenders and instant quotes.

Commercial trucking is a highly complex, but growing market, with trucking revenues expected to hit $1.52 trillion by 2026, according to Road Scholar Transport. The industry includes eight classes of trucks by weight – from cargo vans, to transit buses and dump trucks – approximately 4,400 individual dealerships, and a highly specialized group of lenders that often serve only one class of truck or size of operator. Matching borrowers with the appropriate lender has long been a challenge without automation to find and compare instant quotes for equipment leasing and financing.

“When you buy a car as a consumer, you work with the sales manager and then the finance manager, who has a suite of automated tools at his disposal to close the deal. No one is taking that automation approach in the commercial truck space,” said Cory Damm, vice president of client services at LeaseQ. “With TruckQ, we have not only automated the equipment leasing and finance experience, but also on-boarded 30 new lenders to serve all truck classifications.”

Truck Q provides instant quotes for truck industry borrowers with A++ to D credit, using a single application and soft credit pull. Specialized lenders on the TruckQ platform include Webster Bank, Navitas Credit Corp. and East Harbor Financial, among others. LeaseQ has also partnered with prominent truck industry associations, including the Used Truck Association (UTA), Owner-Operator Independent Driver’s Association (OOIDA) and the Truckload Carriers Association (TCA).

“Every business has risk, but by understanding what a trucking company does and how it does it, it’s possible to get owner-operators the financing they need,” said LeaseQ borrower Kenny Mahase, owner of Star Trucking & Construction Services. “Financing my trucks with LeaseQ has helped me expand my business to a different area of the state, create more jobs, hire more people, grow my presence in the industry and keep more money for working capital, rather than having it go to hefty down payments.”

For more information about LeaseQ’s TruckQ platform, visit https://www.leaseq.com/TruckQ.

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